For those who've been considering adding the Chase Sapphire Preferred credit card to their wallet, the time just can't be ignored. It is also providing a welcome bonus of 100,000 Ultimate Rewards points after spending $5,000 in the first three months of the account opening a significant increase from the 75,000-point bonus, which was the norm before then, on this specific card.

That bonus is valued at a conservative estimate of 1.7 cents per Ultimate Rewards point and is worth roughly $1,700 in travel value. A ton of return for a card with a $95 yearly fee.

What's the secret to making this offer really strong?

While the 100,000-point welcome bonus stands out in some instances, it is important to take context into account. It is not one of those offers that come and go for a week. It's in alignment with the highest bonus the Chase Sapphire Preferred has ever provided, and for those that qualify it's smart to take advantage of it; waiting won't help you find a strategic advantage.

This $5,000 spend requirement is more than some cards require, but it's not too much for most applicants over a three-month period. You don't even have to make any artificial purchases to meet that threshold; a couple of big expenditures, a month's worth of typical living costs, or any new travel plans could send you over. An important thing to note; the clock begins on the day you open your account, not when the card is received in the mail. Be prepared accordingly for the timeline.

Spending points usually post within 30 days of the spending limit, or sooner.

The Card's continued benefit beyond the bonus

The appeal of this card is in the welcome bonus, but once the excitement of the welcome bonus has passed, how helpful is it? The Chase Sapphire Preferred makes a pretty good argument here, especially for its annual fee.

The earning structure does not just have to be for narrow situations, as it covers a variety of daily spending categories so this is quite an every-day card to use. Notably, there's no minimum stay requirement or minimum spend requirement to unlock the $100 credit for a hotel stay with Chase Travel and the card also includes it. Say you book a single night at $100, and the credit takes care of the entire amount, the true annual cost of the card is closer to nothing for those that travel even on a few occasions.

Sapphire Preferred is much more protective of travel than most entry-level and no-fee cards, including when it comes to trip cancellation and interruption, flight delays, rental car collision damage and baggage coverage. For those who have ever been left with the bill for a sudden cancellation, this built-in safety net is a real blessing when you're already charged with the expense of the card.

Is the Chase Sapphire Preferred worth it?

The Chase Sapphire Preferred is a fantastic card for the price. Quite simply I see these as the primary selling points:

• The Sapphire Preferred has an annual fee of under $100; given the amount of credit card fee inflation we’ve seen over the years, that’s very compelling.
• There are many categories in the Sapphire Preferred bonus, including 5x points on any Chase Travel℠ purchase, 3x points on dining (including eligible delivery), 3x points on online grocery stores, 3x points on vacation homes (at brands such as Airbnb, VRBO and others), 3x points at gas stations and EV charging, 3x points on select streaming services, 2x points on other travel purchases, and much more.
• The Sapphire Preferred grants one $100 hotel credit each anniversary year for a hotel stay booked through Chase Travel℠ (no minimum stay is required, and no minimum spend, so you could save the $100 on the same hotel that you would normally spend on)
• The Sapphire Preferred offers the ability to transfer points to Ultimate Rewards airline and hotel partners, but only at a 4:3 ratio to World of Hyatt properties, whereas the more premium Chase Sapphire cards have transfers at a 1:1 ratio.
• The Sapphire Preferred provides great travel coverage for the cancellation of flights, flight delays, rental cars and more.

In my opinion, the Chase Sapphire Preferred is a great introductory card. It's low annual fee, large sign-up bonus, traveling protection categories, and so forth, all travelers should have, to mention just a few. But even for those who aren’t beginners, this could be an excellent alternative to all the more premium cards out there with very high annual fees.

The Transfer Partner Consideration

The points offered in Ultimate Rewards are also one of the most versatile currencies in the travel rewards business as they can be used at a vast array of travel partners, including airlines and hotels. One of the main reasons to appreciate the points given by this card above the base cash redemption rate is the flexibility it provides.

There is one detail to note about the Chase Sapphire Preferred: the new Chase Sapphire Preferred will now redeem to World of Hyatt at 4:3 instead of 1:1. This is certainly a factor for anyone who cares about Hyatt redemptions a lot, which is why Hyatt has some of the highest value points in the hotel industry. However, the workaround is to pair the Preferred with a Chase Sapphire Reserve or Sapphire Reserve for Business and thus restore the 1:1 Hyatt transfer ratio on all combined points. If you're a single cardholder and do not have Reserve, that's a possible disadvantage that you should consider.

All other airline transfer partners continue to be on standard 1:1 basis.

This Card is Ideal for:

In a world of increasingly expensive card costs, one of the most intriguing card offerings is the Chase Sapphire Preferred, which gives users access to premium transfer partners and decent travel protections for less than $100 annually. The annual fees on premium travel cards have been climbing, from $500 to $800 and up, and the Preferred is a good choice for travelers who don't want to pay the premium card price tag for the added flexibility and coverage they offer.

The Preferred is the place to start for new points and miles junkies, the Preferred is the one you want to start with because it offers tangible rewards without the complexity. For those who are already an experienced traveler with premium cards, the Preferred can be an earning card or a less costly option when premium fee isn't always the best idea to spend it.

At its heart, the $100,000 welcome bonus is a simple proposition: increase your options for spending your travel dollars by accruing enough travel points to offset the yearly fee of $95, which is enough to cover just one hotel credit redemption.

The Bottom Line

The welcome bonus is currently 100,000 Ultimate Rewards points for $5,000 of spending within the first 90 days, a fantastic offer for one of the best travel cards around, especially with a 20000-point value of $1700. There's a $95 annual fee, but the $100 annual hotel credit is more than a match for it, the earning categories are very general and comprehensive to suit everyday needs, and the travel protections are actually quite extensive. 

The one catch is the 4:3 transfer ratio to World of Hyatt, which means it's not a good value for those who seek out Hyatt redemptions in particular. If you've been pondering the idea of relocating to this card, the current offer won't leave you with much room for doubt this deal is as good as it gets.